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On top of that, the Inflation Reduction Act (IRA) subsidies to reshore the battery supply chain to the U.S. are also "having the desired impact," it added. It named companies such as LG Energy Solution and Samsung SDI which have more than 65% of U.S. battery manufacturing capacity. LG Energy Solution has the additional benefit of being the most exposed to growth and IRA benefits, they added. But Bernstein said it prefers Samsung SDI to LG Energy Solution for now, as the former offers "growth at a reasonable price." Bernstein gave Samsung SDI and LG Chem an outperform rating and LG Energy Solution a market perform rating.
Persons: Bernstein, Freyr, — CNBC's Michael Bloom Organizations: U.S, LG Energy, Samsung SDI, LG Chem, Umicore, Basf, LG, Panasonic, Tesla, SolidEnergy Systems Locations: U.S, North America, decouple, China, South Korea, Europe
The witness, attorney Robert Costello, was called by the defense to attack the credibility of key prosecution witness Michael Cohen. Within minutes of taking the stand, Costello was in open conflict with New York Supreme Court Justice Juan Merchan, the judge presiding over the case. "If you don't like my ruling you don't say 'Jeez," you don't give me side eye, and you don't roll your eyes," the judge scolded. "You don't say 'strike it,'" the judge told the witness, adding that it's his job, not the witness' to strike testimony. Bove could not instigate a "trial within a trial," the judge ordered, by asking Costello questions beyond this limited topic.
Persons: , Donald Trump's, Robert Costello, Michael Cohen, chafed, Costello, Juan Merchan, Merchan, Costello glared, Trump, Robert Balin, Emil Bove, Cohen —, Rudy Giuliani, Cohen, Cohen's, Bove, Costello audibly, Stormy Daniels, Blanche, Daniel Citco Organizations: Service, Business, New York, Trump, Manhattan District, Republican Locations: Nassau County, New
Michael Cohen testified that he would financially benefit if Donald Trump is acquitted. AdvertisementMichael Cohen wants to see Donald Trump behind bars. But if the former president is acquitted in his ongoing hush-money trial, it'd probably be better for Cohen financially, he testified Monday morning. Asked by Trump's lawyer Todd Blanche whether a conviction would benefit Cohen financially, he said the opposite was true. This story is available exclusively to Business Insider subscribers.
Persons: Michael Cohen, Donald Trump, Cohen isn't, , it'd, Cohen, Todd Blanche Organizations: US, Service, Business
President Biden on Monday condemned the decision by the International Criminal Court’s chief prosecutor to seek arrest warrants for two top Israeli officials — Prime Minister Benjamin Netanyahu and Defense Minister Yoav Gallant — when he issued warrants for the leaders of Hamas, saying in a White House statement that “whatever this prosecutor might imply, there is no equivalence — none — between Israel and Hamas.”Mr. Biden’s decision to stand firmly behind Mr. Netanyahu was echoed by Secretary of State Antony J. Blinken, who called the move by the prosecutor, Karim Khan, “shameful” in a statement that said the United States rejected his “equivalence of Israel with Hamas.”Mr. Blinken accused Mr. Khan of going “on cable television to announce the charges” even as his staff canceled a planned visit to Israel to discuss the I.C.C.’s inquiry into Israel’s conduct of the war. “These and other circumstances call into question the legitimacy and credibility of this investigation,” he said. “It is shameful,” Mr. Blinken said of the prosecutor’s decision to issue warrants for leaders of both sides in the conflict, implying their equivalence. “Hamas is a brutal terrorist organization that carried out the worst massacre of Jews since the Holocaust and is still holding dozens of innocent people hostage, including Americans. This decision does nothing to help, and could jeopardize, ongoing efforts to reach a cease-fire agreement that would get hostages out and surge humanitarian assistance in.”
Persons: Biden, Court’s, Benjamin Netanyahu, Yoav Gallant —, ” Mr, Netanyahu, Antony J, Blinken, Karim Khan, Mr, Khan, Organizations: , Hamas Locations: Israel, United States
AI PCs: We've been talking for months about how the launch of new AI PCs from the likes of HP and Dell and a specialized generative AI keyboard button from Microsoft will start a new PC refresh cycle later this year. We're now seeing a ton of news about AI PCs from Microsoft and Dell. In an interview, Michael Dell told Bloomberg News that AI PCs will be delivered "in volume" this year and will be "pretty standard" by 2025. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.
Persons: Jim Cramer, We're, Michael Dell, Jim, Jim Cramer's, Andrew Kelly Organizations: CNBC, Dow Jones, Nvidia, Broadcom, HP, Dell, Microsoft, Bloomberg News, Palo Alto Networks, Keysight Technologies, Home, Jim Cramer's Charitable Locations: Manhattan , New York City
Here are Monday's biggest calls on Wall Street: Melius reiterates Apple as buy Melius said it sees several positive catalysts ahead for Apple. Bernstein reiterates Dell as outperform Bernstein raised its price target on the stock to $155 per share from $120. Goldman Sachs reiterates Amazon as buy Goldman said it's standing by its top pick status on shares of Amazon. " Barclays reiterates Nvidia as overweight Barclays raised its price target on Nvidia to $1,100 from $850. Morgan Stanley upgrades Micron to equal weight from underweight Morgan Stanley raised its price target on Micron to $130 per share from $98.
Persons: Melius, Bernstein, Dell, Stifel, Baird, Goldman Sachs, Goldman, , Huntington Ingalls, it's, it's bullish, Redburn, Tesla, Morgan Stanley, Salesforce, Jefferies, Evercore, TJX Organizations: Apple, Developers, Citi, RIO, Nvidia, Barclays, Robotics, Group, Marex Group, Micron, Hasbro, U.S . Steel, UBS, Universal Health Services, JPMorgan, TJX Companies, SSS, Seaport, FedEx, US Locations: Tinto, America, Cleveland, China
Once Mr. Trump was elected, he agreed to repay Mr. Cohen for the $130,000 hush-money deal and more. And at a meeting in Trump Tower just weeks before he was sworn in, Mr. Trump signed off on the fakery, Mr. Cohen recounted from the stand. “What, if anything, did Mr. Trump say at that time?” a prosecutor asked Mr. Cohen. There, he said, Mr. Trump’s chief financial officer, Allen Weisselberg, explained how Mr. Trump would reimburse Mr. Cohen for the payoff. To reach Mr. Trump, Mr. Cohen testified, he called the candidate’s bodyguard, Keith Schiller.
Persons: Donald J, Todd Blanche, Blanche, Michael D, Cohen, Trump, Trump’s, , Alvin L, Bragg, Cohen —, Marc F, Scholl, , ” Mr, Stormy Daniels, Mr, , Michael M, Joshua Steinglass, Juan M, Merchan —, “ Trump, David Pecker, Pecker, Hope Hicks, Penny, Daniels, Allen Weisselberg, Weisselberg, Susan Hoffinger, Cohen’s, Keith Schiller, Schiller, William K, Rashbaum Organizations: Trump, Mr, Trump “, New, National Enquirer, Playboy, fixer Locations: Manhattan, New York
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGrayscale CEO Michael Sonnenshein steps down, replaced by Goldman exec: CNBC Crypto WorldCNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, Crypto World takes a look at the SEC's recent actions against decentralized finance platforms and Ethereum as it prepares to issue a decision on spot ether ETF proposals.
Persons: Michael Sonnenshein, explainers Organizations: Goldman, CNBC Crypto, CNBC
CNBC Markets Now: May 20, 2024
  + stars: | 2024-05-20 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCNBC Markets Now: May 20, 2024CNBC Markets Now provides a look at the day's market moves with commentary and analysis from Michael Santoli, CNBC Senior Markets Commentator.
Persons: Michael Santoli Organizations: CNBC
Cybersecurity stock Palo Alto Networks (PANW) will be reporting Monday after the close. The following table includes ten stocks reporting earnings this week where the options market is implying moves of 7% or greater. Palo Alto Networks was hard hit after they reported earnings on February 20th. PANW YTD mountain Palo Alto Networks, YTD Palo Alto Networks is a global network security solutions provider. Palo Alto has recovered roughly half the decline the stock suffered following its earnings release last quarter.
Persons: Nikesh Arora, Zscaler, PANW Organizations: Palo Alto Networks, Networks, Palo Locations: Palo, Palo Alto
Former U.S. President Donald Trump sits in the courtroom at Manhattan Criminal Court with his attorney Todd Blanche (L) on May 20, 2024 in New York City. The end of the criminal hush money trial of Donald Trump may soon be in sight, as testimony from his one-time personal lawyer Michael Cohen resumes Monday. Now, one big question looms over a New York courtroom: Will the former president take the witness stand? Cohen is a key witness against Trump, and prosecutors have already said he will be their last witness in the trial. But doing so would carry major risks for Trump, including the danger of being angered and rattled by cross-examination by prosecutors, and giving an answer that supports their case.
Persons: Donald Trump, Todd Blanche, Michael Cohen, Cohen, Trump, Trump's, hedged, Judge Juan Merchan Organizations: U.S, Criminal, Trump Locations: New York City, New York, Manhattan
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailInvestors shouldn't rule out possible rate hike, says Michael LandsbergMichael Landsberg, Landsberg Bennett Private Wealth CIO; Aditya Bhave, Bank of America Securities senior U.S. economist; and CNBC Steve’s Liesman join 'The Exchange' to discuss the potential for Fed policy moves, macro data, and more.
Persons: Michael Landsberg Michael Landsberg, Landsberg Bennett, Aditya Bhave, CNBC Steve’s Liesman Organizations: Bank of America Securities, CNBC Steve’s Locations: Landsberg
Ryanair CEO: More and more people are traveling with lower fares
  + stars: | 2024-05-20 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRyanair CEO: More and more people are traveling with lower faresRyanair CEO Michael O'Leary joins 'Squawk Box' to discuss the company's quarterly earnings results, why prices won't be as high as hoped during the summer season, and much more.
Persons: Michael O'Leary
In the eyes of the Biden administration, Ebrahim Raisi was a brutal tyrant, a sworn enemy and a threat to world peace. But within hours of confirmation that Mr. Raisi, who had served for three years as Iran’s president, was killed in a weekend helicopter crash, the U.S. State Department announced its “official condolences” for his sudden death. A terse statement, issued on Monday under the name of a State Department spokesman, Matthew Miller, betrayed no grief for the Iranian leader, who frequently railed at the United States and is believed to have at least condoned attacks on American troops by Iranian-backed proxy forces in Iraq and Syria. The statement drew swift outrage from vocal critics of Iran’s government, who argued variously that the United States should say nothing at all or harshly condemn Mr. Raisi, something Mr. Miller proceeded to do later, when questioned by reporters at a daily briefing.
Persons: Biden, Ebrahim Raisi, Raisi, , Matthew Miller, Miller Organizations: U.S . State Department, State Department Locations: United States, Iranian, Iraq, Syria
Where the last $6B in CHIPS Act funding will go
  + stars: | 2024-05-20 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWhere the last $6B in CHIPS Act funding will goThe Commerce Department started the year with $39 billion in CHIPS Act grants, and now has around $6 billion left to award across the semiconductor supply chain. CNBC's Megan Cassella sits down with CHIPS Program Director Michael Schmidt to discuss how the agency plans to allocate the final billions before year-end.
Persons: Megan Cassella, Michael Schmidt Organizations: Commerce Department
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIran faces legitimacy issues following death of President Raisi, says AEI's Michael RubinMichael Rubin, senior fellow at American Enterprise Institute, joins CNBC's 'The Exchange' to discuss the helicopter crash involving Iran's president and foreign minister, possible leadership successions for the country, and more.
Persons: Raisi, AEI's Michael Rubin Michael Rubin Organizations: American Enterprise Institute
The prosecution team is also seeking warrants for Israel’s Defense Minister, Yoav Gallant, along with top Hamas leaders, Khan said. Khan, the ICC prosecutor, batted down criticisms over the tribunal’s efforts to secure the warrants. News that the ICC is seeking warrants for the Israeli leaders sent reverberations of condemnation across the world. Close US allies like Britain said the court’s efforts were “not helpful” in reaching a pause in fighting. Biden administration officials also questioned whether the ICC had the jurisdiction to seek those arrests.
Persons: Washington CNN —, Biden, Karim Khan, CNN’s Christiane Amanpour, Benjamin Netanyahu, Yahya Sinwar, Yoav Gallant, Khan, , Biden –, CNN’s Erin Burnett, cajole Netanyahu, Netanyahu, Vladimir Putin, Moammar Gadhafi, Amanpour, Gallant, Antony Blinken, United States “, Mike Johnson, John Kirby, Independent Sen, Bernie Sanders –, Biden’s –, Sanders, ” Sanders, Kirby, , Putin, ” Kirby, CNN’s Nikki Carvajal, Haley Talbot Organizations: Washington CNN, International, ICC, Israeli, Israel’s Defense, Biden, GOP, National Security, Independent, Mr Locations: Israel, Rafah, Gaza, Russian, Britain, Germany, United States, Ukraine
Grayscale Investments announced that CEO Michael Sonnenshein stepped down on Monday, ending a 10-year run as the leader of the largest crypto asset manager. Under Sonnenshein, Grayscale played a key role in pushing the U.S. Securities and Exchange Commission to allow bitcoin ETFs. "The crypto asset class is at an important inflection point and this is the right moment for a smooth transition. In 2022, Grayscale launched a lawsuit against the SEC, after regulators turned down its bid to convert the investment vehicle into an exchange-traded fund. Michael Sonnenshein at the 2022 Forbes Iconoclast Summit at New York Historical Society on Nov. 3, 2022.
Persons: Michael Sonnenshein, Peter Mintzberg, Goldman Sachs, Edward McGee, Sonnenshein, Arturo Holmes Organizations: Investments, BlackRock, U.S . Securities, Exchange Commission, SEC, Fidelity, Forbes, Summit, New York Historical Society, Getty Locations: OppenheimerFunds
After 15 days of testimony from 20 witnesses, the Manhattan district attorney’s office on Monday rested its case against Donald J. Trump. The case was capped by three days of grinding cross-examination of his former fixer, Michael D. Cohen, who finally stepped off the stand on Monday afternoon, leaving jurors to weigh the truthfulness of the prosecution’s star witness. The defense began its case on a mission to sully his credibility, but the second witness Mr. Trump’s lawyers called to the stand quickly became embroiled in a squabble with the judge, Juan M. Merchan. The judge, not surprisingly, prevailed. Though the defense is expected to be brief, Justice Merchan said that closing arguments would not happen until next week.
Persons: Donald J, Trump, Michael D, Cohen, sully, Juan M, Merchan Locations: Manhattan
A Safety Check for OpenAI
  + stars: | 2024-05-20 | by ( Andrew Ross Sorkin | Ravi Mattu | Bernhard Warner | ) www.nytimes.com   time to read: +1 min
OpenAI’s fear factorThe tech world’s collective eyebrows rose last week when Ilya Sutskever, the OpenAI co-founder who briefly led a rebellion against Sam Altman, resigned as chief scientist. “Safety culture and processes have taken a backseat to shiny products,” Jan Leike, who resigned from OpenAI last week, wrote on the social network X. Along with Sutskever, Leike oversaw the company’s so-called superalignment team, which was tasked with making sure products didn’t become a threat to humanity. Sutskever said in his departing note that he was confident OpenAI would build artificial general intelligence — A.I. Leike spoke for many safety-first OpenAI employees, according to Vox.
Persons: Ilya Sutskever, Sam Altman, hadn’t, ” Jan Leike, Sutskever, Leike, , Vox, Daniel Kokotajlo, Altman Organizations: OpenAI, C.E.O
Was the 401(k) a Mistake?
  + stars: | 2024-05-20 | by ( Michael Barbaro | Michael Steinberger | Rob Szypko | ) www.nytimes.com   time to read: 1 min
The first generation to be fully reliant on 401(k) plans is now starting to retire. As that happens, it is becoming clear just how broken the system is. Michael Steinberger, a contributing writer for The New York Times Magazine, explains. On today’s episode
Persons: Michael Steinberger Organizations: The New York Times Magazine
Donald J. Trump’s Manhattan criminal trial will enter its final phase on Monday with the prosecution poised to complete its case and the defense considering whether to call witnesses of its own. The witness, Michael D. Cohen, has already testified over the course of three days, telling jurors that in 2015 he entered a conspiracy to suppress information damaging to the presidential campaign of his then-boss, Mr. Trump. Mr. Cohen, who was Mr. Trump’s personal lawyer and fixer, suppressed one of those stories himself, paying $130,000 to a porn star, Stormy Daniels, just weeks before the election to bury her story of having had sex with Mr. Trump. After the election, Mr. Cohen testified, the president-elect approved a plan to reimburse him for the payment, knowing that the reimbursements would be classified as ordinary legal expenses. The Manhattan district attorney’s office has charged Mr. Trump with 34 felonies, arguing that what Mr. Cohen described was a crime: the falsification of business records.
Persons: Donald J, Michael D, Cohen, Trump, Stormy Daniels Locations: Manhattan
Eight times a day during his felony trial, the former president of the United States must stand and honor 12 jurors and six alternates as they walk past, eyes straight ahead or down, casting no glances at him. It’s inspiring to watch these ordinary citizens as sovereign soldiers for justice. On Monday, this calm processional was disrupted, as jurors were forced to hurry out after a pro-Trump witness for the defense mocked the authority of the court. Moments later, Justice Juan Merchan ordered the courtroom immediately cleared and reporters fled in a frenzy. Michael Cohen had testified earlier that Costello and Rudy Giuliani were assigned by Trump to open a “back channel” to Cohen to keep him in the Trump fold.
Persons: Juan Merchan, Robert Costello, George Steinbrenner, Leona Helmsley, Michael Cohen, Costello, Rudy Giuliani, Cohen, Trump Organizations: Trump Locations: United States
The star witness against Donald J. Trump took the stand on Monday for a fourth and final day at the former president’s criminal trial in Manhattan, fending off a fusillade of attacks from defense lawyers and acknowledging that he once stole from Mr. Trump’s company. The witness — Michael D. Cohen, Mr. Trump’s onetime personal lawyer and longtime henchman — capped the case for the prosecution, which rested once he left the stand. Over his week of testimony, Mr. Cohen was the only person to offer firsthand evidence directly linking Mr. Trump to the falsified records that underpin the charges against him. Mr. Trump, he said, approved a plan to fake the records to cover up a sex scandal involving a porn star.
Persons: Donald J, Trump, — Michael D, Cohen, Trump’s, Locations: Manhattan
An aide to Mayor Eric Adams who served as his longtime liaison to the Turkish community and whose home was searched by the F.B.I. has been cooperating with the corruption investigation into the mayor and his 2021 campaign, according to three people with knowledge of the matter. Originally from Azerbaijan, Ms. Abbasova, 41, had worked for Mr. Adams for about four years in the Brooklyn borough president’s office before he became mayor. agents and federal prosecutors conducting the corruption investigation in the weeks after her home was searched on Nov. 2. On the same day, agents also searched the homes of the mayor’s chief fund-raiser and a former Turkish Airlines executive.
Persons: Eric Adams, Rana Abbasova, Adams’s, Adams, Abbasova Organizations: , Fire Department, International Affairs, Mr, Turkish Airlines Locations: Turkish, New York, Turkey, Azerbaijan, Brooklyn
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